Chegg (NYSE:CHGG) Share Price Crosses Above Fifty Day Moving Average – Time to Sell?

Chegg, Inc. (NYSE:CHGG)’s stock price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $1.41 and traded as high as $1.57. Chegg shares last traded at $1.47, with a volume of 5,850,395 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CHGG. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a research note on Saturday, September 27th. Zacks Research upgraded Chegg from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $1.70.

Chegg Price Performance

The stock’s 50 day moving average is $1.41 and its 200-day moving average is $1.15. The company has a market capitalization of $159.25 million, a P/E ratio of -0.56 and a beta of 1.90.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. State of Wyoming boosted its position in shares of Chegg by 49.8% during the second quarter. State of Wyoming now owns 112,885 shares of the technology company’s stock valued at $137,000 after purchasing an additional 37,520 shares in the last quarter. Hudson Bay Capital Management LP purchased a new position in Chegg during the second quarter valued at $36,000. Tower Research Capital LLC TRC boosted its holdings in shares of Chegg by 365.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 79,497 shares of the technology company’s stock valued at $96,000 after buying an additional 62,433 shares in the last quarter. Brevan Howard Capital Management LP bought a new stake in shares of Chegg during the 2nd quarter valued at $234,000. Finally, Cerity Partners LLC grew its position in shares of Chegg by 38.4% in the 2nd quarter. Cerity Partners LLC now owns 62,579 shares of the technology company’s stock worth $76,000 after buying an additional 17,371 shares during the period. Hedge funds and other institutional investors own 95.18% of the company’s stock.

About Chegg

Chegg, Inc operates a direct-to-student learning platform that helps learners build essential life and job skills to accelerate their path from learning programs in the United States and internationally. Its subscription services include Chegg Study, which offers personalized step-by-step learning support from AI, computational engines, and subject matter experts, as well as Tinger Gold and DashPash Student services; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various subscription product offerings, including Chegg Study, Chegg Writing, and Chegg Math services; and Busuu, an online language learning platform that offers comprehensive support through self-paced lessons, live classes with expert tutors, and a community of members to practice alongside.